|Share Placement to fund further drilling at Maronan Project, NW Queensland|
The Board of Red Metal Limited is pleased to announce that it has received firm commitments for a placement of 19,444,445 Shares (the "Shares") at a price of A$0.18 per Share to raise A$3.5 million to selected Australian institutions and professional investors. The placement Lead Manager is Veritas Securities Limited.
The proceeds of the placement will primarily be used to fund upcoming drilling on the exciting Maronan silver-lead project where recent drilling intersected strong silver, lead and iron sulphide mineralisation over significant widths further validating the Company’s new geological model (refer to ASX announcement dated 31 October 2012).
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